The infant Hercules rises again

zorro_mfc said:
What a fantastic day for the tees region.

first the treasury and now the big one in free port status


I didn’t realise but Teesside airport also comes under free port status so that could be huge news for the airport.

but fantastic news for Teesside.

🍾
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I didn't realise that either. Great news for our region.
 
Like I've argued for a long time, Brexit will give the Governments greater opportunities to bring jobs and regeneration to places like Teesside. Some people just can't past the opinions of Southern based journalists and London centric obsessed media.

A great result
 
What are the advantages of free port ? Is it not just a way for companies to avoid paying duty and tax? How are these free ports different from the ones that ran in the uk from the 80s til fairly recently? Will businesses that currently pay uk tax just "move" to these freeports to avoid tax?
 
motownjunk said:
You can still have freeports while still being a member of the EU.
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This.

And if you look at the reasons why we abandoned them in the not too distant past you'll realise that it's all just smoke & mirrors.

The Treasury move sounds like a positive move though, so credit for that.

Will say no more until I've read the small-print.
 
Th
Scrote said:
This.

And if you look at the reasons why we abandoned them in the not too distant past you'll realise that it's all just smoke & mirrors.

The Treasury move sounds like a positive move though, so credit for that.

Will say no more until I've read the small-print.
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They aren't free ports, only in name. Highly regulated
 
Londons_Moggie said:
Th

They aren't free ports, only in name. Highly regulated
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So what are the advantages of these free ports over the freeports elsewhere in the EU and the ones that used to be in the Uk. I asked my MP about this a few months back and his only answer was that governments can subsidise business in a freeport now that we have left the EU. Why would a government want to do that when they would get virtually no tax take back?
 
motownjunk said:
So what are the advantages of these free ports over the freeports elsewhere in the EU and the ones that used to be in the Uk. I asked my MP about this a few months back and his only answer was that governments can subsidise business in a freeport now that we have left the EU. Why would a government want to do that when they would get virtually no tax take back?
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I've explained in detail on numerous threads. I'm too busy to go into it again. There is lots of info on the benefits and the opportunities for the regeneration of the area. Google is your friend
 
Ben Houchen seems to be doing a good job on the whole.. he even seems to have a joined up plan for the area.
The Freeport news is massive and obviously a flagship regeneration project for the government.
On the tax front.. 18000 employees (assuming we get there ) generates a lot of Tax income and additional revenue into our area.
Raw materials manufactured in the uk but outside of the zone will of course be subject to taxation.

This is a massive day for our area. I for one am delighted at this news.
 
Londons_Moggie said:
They aren't free ports, only in name. Highly regulated
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But why were they highly regulated?

And what might have changed to make removing those regulations possible for the UK now?

I'll give you a clue: it start's with Brexit and ends in shyte.

The more regulated Free Ports in the EU were due to the competition rules that allowed us to trade with our nearest neighbours for a lot less than we had previously (and are finding we have to again).

The FPs sum up Brexit and what we've lost in a nutshell. We're opening FPs so we can reduce costs for goods which travel further and no longer come under EU reduced import tax regimes.

Why do you need an FP to import zero-rated foodstuffs from Africa? What do you gain?

Which presumably means that all those trade-deals we were promised aren't going to materialise in a form anywhere near as good as we had with the EU versions (e.g. Japan) and we're presumably planning not to make any attempt to roll-over the zero-rates for developing nations otherwise why bother?

Where are we going to import FROM to make FPs worthwhile?

And I'm not going to dispute that they might bring benefits now we're out of the EU but you're never going to convince me (until there's actual proof) that they will come close to offsetting the losses from leaving.

I'd be very surprised if they end up as anything more than a stepping stone to the Singapore-of-the-West idea that's been bandied about and which will benefit the already wealthy at the expense of everyone else.
 
Dirtyderekbracken said:
Ben Houchen seems to be doing a good job on the whole.. he even seems to have a joined up plan for the area.
The Freeport news is massive and obviously a flagship regeneration project for the government.
On the tax front.. 18000 employees (assuming we get there ) generates a lot of Tax income and additional revenue into our area.
Raw materials manufactured in the uk but outside of the zone will of course be subject to taxation.

This is a massive day for our area. I for one am delighted at this news.
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Why would they buy raw materials from the uk rather than a lower tax country?
Companies are only going come here to avoid tax. They are not going to have to pay employee national insurance for 3 years on employees earning under 25k. A lot of other tax breaks are going to be on offer too. How are businesses outside of the freeport fence going to compete when they are going to be paying their fair share of tax?
 
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